Earnings call transcript: NZX posts solid H1 2026 gains as growth engines build

In its interim earnings call for H1 2026, the NZX reported solid growth despite challenging market conditions. Operating earnings rose 8.8% to NZD 27.3 million, while net profit after tax climbed 18% to NZD 9.8 million. Revenue increased 13.3% to NZD 76.6 million. The diversified nature of the business helped offset market headwinds such as geopolitical tensions, investor caution, and a slowdown in the New Zealand economy.

NZX's shares closed at $1.50, up 1.35% from the previous close. The company's dividend yield stands at 5%, with a 22-year track record of consistent payouts. Operating expenses grew at a slower pace than revenue, enabling improved earnings. The free cash flow improved to NZD 1.4 million. While the result was positive, it was not a dramatic surprise, as operating margin declined to 35.6% from 37% the previous year.

The company remains on track to meet its full-year operating earnings guidance of NZD 53 million to NZD 58.5 million. Growth initiatives for the remainder of the year include the equity derivatives market, dairy derivatives, and the Smart business.